7 FACTORS THAT DETERMINE THE COST OF VIDEO PRODUCTION FOR YOUR BUSINESS in 2023


Video is a powerful tool that can take your business to the next level, whether you're a real estate company, a service provider, or a e-commerce product seller. The right video can increase engagement, drive conversions, and build brand awareness. But with all these benefits come the costs of production, and it can be hard to know just how much to budget for a video project. There are many factors that can affect the cost of a video production in 2023, and it's important to understand them so that you can make informed decisions. In this article, we'll explore the 7 key factors that can affect the cost of video production in 2023, to give you a better understanding of what you can expect to pay for a quality video that generates a return on investment.

1) THE VALUE THE VIDEO PROVIDES


The value that a video provides to the business is one of the main factors that determine the cost of video production. A video that is expected to generate a significant return on investment for a business, such as a commercial or promotional video, may require a higher production value and therefore a higher cost. On the other hand, a video with a smaller intended audience, such as an internal training video or a social media reel, may not require as high of a production value and could be produced at a lower cost. Ultimately, the value that a video provides to the customer is considered in relation to the overall goals and budget of the project.

$12 million dollar, 90 second, Bud Light (2014) commercial

2) LENGTH OF THE VIDEO


The length of the video is another significant factor that can affect the cost of production. Typically, the longer the video, the more time and resources will be required to produce it, and the more it will cost. The length of the video will affect the type of equipment that is required to produce it, as well as the number of personnel required on set. A video that is 30 seconds long will generally cost less than a video that is 10 minutes long. However this isn't always the rule.


While a 60 second television commercial can cost an average of $10,000- $15,000 to produce, a much longer online video course could cost similarly to produce. This is because pricing isn't solely based on length, but also the production value required which has an significant impact on the value to the business.

3) Pre-production


Pre-production is the planning phase of video production, and it's crucial to ensure the success of the project. This phase involves the development of a storyboard, script, shot list, and schedule, and can take anywhere from a few days to a few weeks, depending on the complexity of the project. Pre-production can also include the hiring of a director, producer, and other personnel, and the cost of these services can vary widely, depending on their experience and skill level.

4) The Equipment Used


The equipment used in video production can greatly affect the cost of the project. High-end cameras, lighting equipment, and sound recording equipment can be expensive, but they will generally result in a higher quality video. The cost of equipment can also vary depending on the type of video you're producing, whether it's a simple, one-camera shoot, or a multi-camera production with advanced lighting and sound.


5) Location, Logistics & Talent


The location, logistics and the talent of the shoot can also impact the cost of the video production. If you're filming on location, you'll need to pay for transportation, lodging, and other expenses, and these costs can add up quickly. If you're filming in a studio, you'll need to rent the space and pay for any necessary equipment, and these costs can also vary widely, depending on the location and the type of studio. The talent involved in the video can also greatly impact the cost of production. If you're using actors or models, you'll need to pay them for their time, and the cost can vary depending on their experience and popularity. On the other hand, if you're using voice-over talent, you'll need to pay them for their voiceover work, as well as any additional services, or licensing.


6) The Editing Process


The editing process can significantly impact the cost of video production. A simple, straightforward edit with limited effects can be done relatively quickly and inexpensively. However, a more complex edit with a lot of special effects, animation, and graphics can take much longer and therefore, cost much more.


At Awake Abroad Media, we have a team of highly skilled editors who understand how to balance creativity with cost-effectiveness. We use the latest editing software to ensure that your video is polished, professional, and eye-catching. Our goal is to provide you with a final product that exceeds your expectations while staying within your budget.

7) LEGAL AND LICENSING


Legal and licensing fees can add an unexpected cost to your video production in 2023. Depending on the type of video you’re producing, you may need to obtain licenses for music, stock footage, or other elements. Additionally, if your video includes people, you may need to obtain signed releases from each person who appears in the video.

At Awake Abroad Media, we understand the importance of following all legal and licensing requirements. Our team will work with you to ensure that your video is fully compliant with all relevant laws and regulations. This not only protects you from potential legal issues, but it also helps ensure that your video is of the highest quality.

In conclusion

Video production in 2023 can seem overwhelming and expensive at first, but it doesn't have to be. By understanding the key factors that affect production costs in 2023, such as the length of the video, talent involved, pre-production, the equipment used, location and logistics, the editing process, and legal and licensing, you can better plan and budget for your video production needs.


At Awake Abroad Media, we have a deep understanding of these 7 key factors and how to use them to create high-quality, cost-effective videos for our clients in 2023. With years of experience, a team of talented professionals, and the latest equipment and technology, we are your trusted partner for all your video production needs. Don't let the fear of costs hold you back this year from taking your brand to the next level with video. Contact us today to schedule a consultation and see how we can help bring your vision to life.